How Ncontracts can help community banks: texasbankers.com

🔥 Internal auditors are feeling the heat from regulators. A series of fraud scandals, plus last year’s mini-banking crisis, has put the third line of defence squarely in the firing line of supervisors. 🔫 The European Central Bank came out guns blazing in May when it slammed banks’ internal audit functions as underfunded, inexperienced and short-sighted. 👀 In isolation, the damning review could be seen as a continuation of themes the regulator has been pressing for over the past five years. However, the ECB’s statement comes at a time when other financial regulators are also taking a more aggressive stance to 3LoD, suggesting a broader trend. Read more of Simon Brady's deep dive below👇 https://lnkd.in/egsbDDgm #3LOD #InternalAudit #1LOD

OCC Releases Bank Supervision Operating Plan for Fiscal Year 2025 https://lnkd.in/exuiJzm5 The plan outlines the OCC’s supervision priorities and objectives for the year. It also facilitates the implementation of supervisory strategies for individual national banks, federal savings associations, federal branches and agencies of foreign banking organizations, and third-party service providers subject to OCC examination. OCC staff uses this plan to guide its supervisory priorities, planning, and resource allocations. Key areas of heightened focus for supervisory strategies in FY 2025: Financial Credit Allowance for credit losses Asset and liability management Capital Climate-related financial risks for banks with over $100 billion in total consolidated assets Operational Cybersecurity Enterprise change management Operations Third-party risks Payments Compliance Bank Secrecy Act/anti-money laundering/countering the financing of terrorism and Office of Foreign Assets Control Consumer compliance Community Reinvestment Act Fair lending

Over the weekend, significant news beyond presidential politics emerged in the financial sector: - A secret report by the OCC reveals that half of the large U.S. banks are failing on operational risk management. Learn more: [Link to the Reuters article] - The US Federal Reserve has fined Green Dot $44 million for engaging in numerous unfair and deceptive practices. Find out more details: [Link to the MSN article] Stay informed on crucial developments impacting the banking and financial industry. #Banking #FinancialSector #OperationalRisk #Regulations

In this piece we explore what banks can do to fill compliance positions. It’s a really big deal right now.

Gathering Know Your Customer (KYC) information and discovering potential money laundering risk can help limit exposure to risk for banks and their clients. https://lnkd.in/eMT8FuCg

Gathering Know Your Customer (KYC) information and discovering potential money laundering risk can help limit exposure to risk for banks and their clients. https://lnkd.in/gm_-UM4i

Gathering Know Your Customer (KYC) information and discovering potential money laundering risk can help limit exposure to risk for banks and their clients. https://lnkd.in/gYFp7QE7

Stay updated with the latest #compliance news and insights for banks and credit unions in the link below.

The OCC just released their annual Bank Supervision Operating Plan outlining their priorities for monitoring financial, operational and compliance risks. It is always a good idea to know what the regulators are going to be focusing on. You can find the document here: https://lnkd.in/g4-pMq-M

Gathering Know Your Customer (KYC) information and discovering potential money laundering risk can help limit exposure to risk for banks and their clients. https://lnkd.in/ef6PZGiX